Lokked at a few companies on line in UK.

Figures in the various sites mentioned for example a property valued at say 300,000 sterling would get a one off payment of 250,000 with no repayments to the bank.

Lots conditions though.

House must be maintained, continually lived in, cannot be rented out etc.

When the last recipient of the money passes on the house becomes the property of the bank and can't be taken before that event.

Foe me would be a good idea as no kids are involved.

Any children may apply to buy the house from the bank but terms conditions would obviously be in the banks favour etc etc.

All the conditions above I think make it a good idea but it has to fit your personal situation.

On ‎12‎/‎5‎/‎2016 at 11:47 PM, realenglish1 said:

In the USA they call this a reverse mortgage  and it works well 

 

In what sense? If you think they're so great, maybe you should browse this:

 

http://www.forbes.com/sites/carolynrosenblatt/2012/07/23/hidden-truths-about-reverse-mortgages/#5cbfbede6264

 

'Doesn't "work well" for everybody...   But not really the fault of the banks.

 

My take on it is that it's kind o' last ditch and a desperation play for those with no other recourse.   The term "reverse mortgage" is catchy, and I believe pretty much designed and aimed at a certain target audience not good at thinking things through, as evidenced by not having provided adequately for their retirements.   You can therefore blame banks for exploiting elderly borrowers in need, or you can wonder why these prospective borrowers weren't more financially responsible for themselves and so now are left in this position in the first place.  If the bank doesn't do this, they'll be vilified for denying loans to those who need them.  If they DO make the loans, THEN they're reviled for predatory lending.   Most of the nattering nabob bankophobes simply have an obsession with banks, parrot the things they read & hear, and don't contribute anything useful to the conversation.

 

No, I'm not a banker.   Yes, I've planned for my retirement and don't really want to see it taxed away to bail out banks and pay for the yahoos who couldn't be bothered to do the same.